An Old Wall Street Indicator

What’s in Today’s Report:

  • Why an “Old Wall Street Indicator” Isn’t So Optimistic this Year
  • Citi’s Bullish Call on Copper

Futures are trading higher with EU shares this morning on the back of strong earnings from BP while the mixed GOOGL results from yesterday are digested along with the Trump-Powell dinner ahead of tonight’s SOTU speech.

Economically, Composite PMI data released overnight was largely in-line with estimates and is not materially moving markets.

Today, there is one economic report to watch: ISM Non-Manufacturing Index (E: 57.1) and there are no Fed officials scheduled to speak.

That will leave earnings in focus with notables: VIAB ($1.02) before the open and SNAP (-$0.08), DIS ($1.57), and ALL ($1.01) after the close.

Beyond earnings, investors are already looking ahead to tonight’s State of the Union Address which is the only significant macro-catalyst this week.